Canada Silver Cobalt Closes 1st Tranche Private Placement with a Lead Order from Palisades Goldcorp Ltd.
Canada Silver Cobalt Closes 1st Tranche
Private Placement with a Lead Order from
Palisades Goldcorp Ltd.
COQUITLAM, BC
,
Aug. 14, 2020
/CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC:
CCWOF) (
Frankfurt
: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that
the Company has closed the first tranche of its non-brokered private placement financing, raising
gross proceeds of
$3,193,730
with a lead order from Palisades Goldcorp Ltd.
The Company has issued 5,806,782 units ("Units") in the first tranche closing. Each Unit is
comprised of one common share of the Company and one share purchase warrant. Each whole
warrant will entitle the holder thereof to purchase one additional common share of the Company at
an exercise price of
$0.65
per share, for a period of three years from closing, subject to TSX
Venture Exchange ("Exchange") final approval.
The proceeds of the private placement will be used for ongoing drilling of the Castle East Robinson
Zone discovery, near the town of
Gowganda, Ontario
and for general working capital.
Finder' fees in the amount of
$90,247.50
and the issuance of 164,086 finder warrants were paid in
connection with the private placement. The finder's warrants are on the same terms as the financing
warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four–month and a day
hold period in accordance with applicable Canadian Securities Laws.
About Palisades GoldCorp.
Palisades Goldcorp is
Canada's
new resource focused merchant bank. Palisades' management
team has a demonstrated track record of making money and is backed by many of the industry's
most notable financiers. With junior resource equities valued at generational lows, management
believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with
significant stakes in undervalued companies and assets with the goal of generating superior returns.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle Property features strong
exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing
Gowganda
high-grade Silver-Cobalt District of
Northern Ontario
. With an important new discovery at Castle
East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and
Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt
space.
"Frank J. Basa"
Frank J. Basa
, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. This news release may contain forward-looking statements including but not limited to
comments regarding the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements.
SOURCE
Canada Silver Cobalt Works Inc.
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http://www.newswire.ca/en/releases/archive/August2020/14/c2848.html
%SEDAR: 00022378E
For further information:
Frank J. Basa, P.Eng., CEO, 1-416-625-2342; Wayne Cheveldayoff,
Corporate Communications, [email protected], 1-416-710-2410
CO: Canada Silver Cobalt Works Inc.
CNW 10:24e 14-AUG-20